This quote from Daniel Goleman, author of the bestseller „Emotional Intelligence“ is a clear message. Innovation is the driver for sustainable growth in advanced economies. How to do so, how to innovate?
There is a long-held belief that what innovation mainly requires comes down to money.
In 2005, Booz Allen Hamilton looked at the 1,000 public companies who spent the most on R&D. Their research showed no correlation between R&D spending, new patents, and financial measures of success. Instead, the study found that companies who overperform in providing innovation often underspend in R&D — companies maintaining performance as much as three times higher than average were spending only half as much on R&D as their peers.
It has always been a small team of people who have a new idea, typically not understood by people around them and their executives.” observes Google’s former CEO, Eric Schmidt.
If you haven’t put in the work to help people shift perspectives, think creatively, collaborate, or embrace failure, no amount of cash is going to let them innovate. Innovation, like purpose, is not a skillset. It’s a mindset.
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